The Biden administration is too focused on easing regulatory burdens for ESG-friendly 401(k)s and not enough on protecting participants’ hard-earned savings, Republican states suing the US Labor Department argued in a new court filing.
The department’s rule (87 Fed. Reg. 73822) permitting retirement plans to consider environmental, social, and corporate governance factors failed to justify undoing a pair of prior Trump-era policies instructing plan fiduciaries to weigh financial considerations alone, the 25 red-state attorneys general said in the late-Friday filing.
“The 2022 Rule focuses on aiding fiduciaries and ignores protecting participants, thereby arbitrarily and capriciously contradicting the ...
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